By Jorge Mercado Wednesday, June 1st, 2022

Camarillo-based Semtech Corp. reported record sales and rising earnings when it announced its financial results for the first quarter of 2022 on June 1.

Semtech, a semiconductor company specializing in Internet of Things applications, saw net income increase in the first quarter of 2022, as the company netted $38 million, or 59 cents per share, compared to $34.8 million, or 54 cents per share, in the same quarter a year ago.

Semtech reported 80 cents per share in adjusted earnings, beating the expectations of analysts expectations polled by FactSet, who predicted earnings per share of 76 cents.

Both earnings per share figures were records for the company.

Semtech also beat analysts’ expectations in revenue, with $202.1 million, up from $190.9 million in sales in the same quarter a year ago. Analysts expected sales of $200 million, according to FactSet.

Semtech shares were flat during the trading day June 1, and gained about 1% in after-hours trading after earnings release, hovering around $65.

Semtech attributed the record sales and earnings per share to record growth in its wireless and sensing products group, which saw net sales grow 15% year-over-year, driven by records in its LoRa product group.  

Semtech ended the quarter with $275.1 million in cash and cash equivalents.